As Hollywood treks to China for the 3rd Beijing International Film Festival, a new report has revealed that the film and television industry contributes big bucks to the local economy. According to a study sponsored by the Motion Picture Association (MPA) and the China Film Distributors and Exhibitors Association (CFDEA), movies and TV added $15.5 billion to the Chinese economy and supported 909,000 jobs in 2011. The industry also generated $3.4 billion in tax revenue for the country.
“The film and television industry in China has witnessed considerable growth over the past five years,” said Yang Buting, chairman of the CFDEA. “This has been driven by the Chinese audiences’ desire to experience new films and television shows on multiple platforms, matched with incredible business innovation and development on the part of the industry. More people are enjoying films and television shows at brand-new digital cinemas and on the latest handheld devices than could ever have been imagined five years ago.”
Chosen excerpts by Job Market Monitor